SANTIAGO – Chile received $20.46 billion in foreign direct investment last year, 8.4 percent less than in 2014, according to figures from the country’s Central Bank.

The drop is in line with the projection of the UN Economic Commission for Latin America and the Caribbean, which said FDI in the region would decline by between 11 percent and 15 percent in 2015, Chile’s APIE investment promotion agency said.

The retreat in FDI is a consequence of falling commodity prices and an improving investment climate in other countries, the agency said.

“The inflow of foreign capital in 2015 reflects that our country has a solid economy and institutions. The reality shows that foreign and domestic investors continue having confidence in the country, its institutions, and its future,” Economy Minister Luis Felipe Cespedes said.

“Taking into account the regional environment ... this is a figure that surpasses projections for our country,” APIE director Vicente Mira said.

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